Final answer:
The question involves steps to safeguard collections in a healthcare setting, which include posting payments, using a lockbox for security, and reconciling accounts through balancing activities. The correct answer is option c.
Step-by-step explanation:
The question pertains to the steps involved in safeguarding collections within a medical or healthcare business setting. These steps are vital to ensure that the payments collected from patients are secure, accurately posted, and properly balanced at the end of the day or business cycle.
Posting payments to patient accounts is a meticulous process where each payment received from a patient is recorded in their respective account. This step is crucial for maintaining up-to-date financial records and ensuring that patient account balances reflect the most current information.
Placing collections in a lockbox for posting review the next business day is a security measure that helps protect collected funds. A lockbox is a secured physical or electronic depository service provided by financial institutions to facilitate the handling of payments. The collections are kept safe until they are processed, reducing the risk of theft or loss.
The final step mentioned is completing balancing activities. This important step ensures that the total payments posted to the patient accounts align with the total collections for the day. It is a reconciliation process to verify that the posted payments match the sums of money actually received and that no errors have occurred during the day's transactions.
To summarize, the correct option that defines the steps in safeguarding collections includes posting payments to patient accounts, placing collections in a lockbox, and completing balancing activities.